ADNOC Distribution reports strong earnings for 2022

  • Date: 09-Feb-2023
  • Source: Emirates News Agency
  • Sector:Oil & Gas
  • Country:UAE
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ADNOC Distribution reports strong earnings for 2022

ABU DHABI, 9th February, 2023 (WAM) -- ADNOC Distribution (ADNOCDIST) on Thursday reported strong earnings for full-year 2022, with year-on-year growth in EBITDA by 15 percent to AED3.52 billion, and net profit by 22 percent to AED2.75 billion for 2022.

The company’s total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.

Among the key factors contributing to the growth in fuel volumes are the continued economic expansion across the UAE, the ongoing ADNOC service station network expansion nationwide, and higher customer traffic.

Positive outlook following strong 2022 results

CEO of ADNOC Distribution Bader Saeed Al Lamki, “The company has demonstrated robust financial and operational performance throughout 2022. We have sustained our growth trajectory while generating strong cash flow and maintaining a solid financial position. ADNOC Distribution’s priority remains to accelerate achieving sustainable growth and building incremental shareholder value through efficient capital allocation.”

Following the record earnings in 2022, ADNOC Distribution’s growth momentum is expected to continue through 2023 – a year in which the company is targeting to achieve a minimum $1 billion in EBITDA – on the back of continued network expansion and higher non-fuel retail contribution.